Yesterday at a glance: pronounced bullish sentiment in the market helped the US auto giant to make a notable 1.02% gain yesterday, rising 13 cents and ultimately closing at $12.92.
United States Core PCE Price Index (MoM) (Dec) is next today at 13:30 UTC.
Ford Motors's uptick comes amid good United States macroeconomic data released during the day — United States Core Durable Goods Orders beat the -0.2% projections, with -0.1%. Highly important GDP data from United States beat analyst expectations of 2.6 with a reading of 2.9.
At the same time, United States New Home Sales (Dec) released yesterday at 15:00 UTC with a figure of 616,000, while the previous figure was 602,000.
Despite posting gains on yesterday, Ford Motor Co slid below its 50 day Simple Moving Average at $12.95 during the last session — an early indicator that a negative trend could be emerging. Ford Motors could be slowing down soon as it approaches resistance at $13.31. Of course, crossing it might suggest further gains are ahead.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest Ford Motors is set for a reversal in the coming days.
A look at other consumer discretionary stocks also showed bullish price action as Tesla was up 10.97%. Pinduoduo traded at $104.66 after closing yesterday's trading day at $96.49 (up 8.47%). Amazon was up 2.1%.
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Pending Home Sales is projected to outperform its last figure with -0.9%. It previously stood at -4%; data will be released today at 15:00 UTC.
Elsewhere, United States Core PCE Price Index (MoM) (Dec) scheduled to come out today at 13:30 UTC.
Ford Motors hit a significant low of $10.95 around 30 days ago, but has since recovered 16.8%.